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2013 (12) TMI 10 - HC - Income TaxValidity of penalty proceedings - Held that:- The Tribunal held that the assessee was entitled to claim deduction - Merely because the assessee withdrew the deduction, conceded to the demand of the department and paid tax and interest, it cannot be concluded that he was not entitled to deduction - As there is no malafide intention, the assessee cannot be imposed penalty - The claim made by the assessee under Section 80IB(10) of the Act was legal and valid subject to verification - Decided against Revenue.
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